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U.A.E. To Invest $35 Billion in New Egyptian Mega City

United Arab Emirates Minister of Investment Mohamed Al Suwaidi signed a multibillion-dollar investment agreement on Feb. 23 during his meeting with Egyptian Minister of Housing Assem El-Gazzar at the New Administrative Capital, just outside of Cairo. The agreement involves investments in the new megacity, Ras El Hekma, currently being built west of Alexandria by Egypt’s New Urban Communities Authority and the Abu Dhabi Development Holding Company, owned by the Government of Abu Dhabi.

Both Egypt and the U.A.E. became new members of the BRICS on Jan. 1, 2024.

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